Mortgage Strategy
26 June 2006

  • 1st unveils future plans at user conference

    28 Jun 2006

    1st, a Vertex company, unveiled a range of software and e-commerce services to be launched over the next 12 months at its annual conference.

  • 25% of small lenders' and brokers' KFIs not up to scratch, says FSA

    29 Jun 2006

    Over 25% of small and medium firms' Key Facts Illustrations are not up to scratch and still contain errors relating to fees and charges, says the Financial Services Authority.

  • Abbey's non-refundable fees policy is unfair to clients

    26 Jun 2006

    From J Light I am writing to warn other brokers about a situation we recently had with Abbey so they can help their clients avoid suffering a similar fate. We applied online for a fixed rate product on April 25. The client elected to pay the 599 arrangement fee by debit card. The client contacted us on April 28 confirming she had changed her mind and wished to go for the two-year tracker product instead. We phoned Abbey which required us to fax this to it. We faxed it the same ...

  • Advantage Flexishare loan to take market by storm

    26 Jun 2006

    Advantage is poised to take the market by storm with the launch of its Flexishare product in July, which allows first-time buyers to borrow up to 6 x their income, split between a conventional mortgage and residential ownership loan.

  • Advantage reminds brokers to claim free holiday voucher

    29 Jun 2006

    Mortgage brokers can claim a free Airtours hoilday accomodation voucher and be in with the chance of winning a week for two people at a luxury Spa in Barbados, courtesy of Advantage.

  • Alexander Hall's football triumph

    26 Jun 2006

    Alexander Hall romped to victory in The Mortgage Works' football tournament last week.The London-based brokerage thrashed packager Square Mile Mortgage Finance 5-1 in a replay of the final of TMW's last football tournament which was held two years ago to coincide with Euro 2004.Ten teams took part this year including Savills Private Finance, Hamptons Mortgages, The Mortgage Times Group and The Mortgage Works. Alexander Hall retained its crown, with this year's tournament coinciding ...

  • All packagers will be regulated

    26 Jun 2006

    The FSA's move towards a principles-based approach to regulation makes it more likely that all packagers will have to apply for authorisation in future, says Bill Warren

  • Amber launches online DIPs

    28 Jun 2006

    Amber has launched an electronic Decision in Principle facility for mortgage intermediaries.

  • AMI appoints new board member

    29 Jun 2006

    The Association of Mortgage Intermediaries has appointed Tony Jones, managing director of Pink Home Loans, to its board of directors.

  • AMI says data law is used to cut out brokers

    26 Jun 2006

    The Association of Mortgage Intermediaries has accused lenders of using the Data Protection Act as a way of depriving brokers of information which could help them retain clients.The attack came during a debate between lenders and introducers on the future of the intermediary mortgage market.Chaired by Kevin Duffy, managing director of Hamptons Mortgages, the panel consisted of Tim Hague, director of BM Solutions, Charles Haresnape, managing director of mortgages at Bank of Scotland, ...

  • AXA account for whole of market

    26 Jun 2006

    AXA's Protection Account is being made available to the whole of the market following its launch to brokers 18 months ago. Iain Mallon, head of protection and e-commerce at AXA, says: "We have spent the past 18 months honing our offering and are confident this account will prove popular across the market."

  • Bankhall invests in new telephony to improve member support.

    28 Jun 2006

    Bankhall has unveiled a new telephone system and member contact team to further improve the service it offers to members.

  • Bankrupts get remortgage lifeline from Bananas Inc

    26 Jun 2006

    Bananas Inc has launched its Lifeline remortgage scheme that allows bankrupt customers to pay off their creditors and remortgage their homes.Under the scheme a solicitor is instructed to liaise with creditors and appointed representatives charged with monitoring the bankrupt to agree a settlement figure.Once the settlement amount has been finalised, it is secured by means of a loan.A barrister is then appointed to present the agreement in court and liaise with the creditors ...

  • Barclays to axe Woolwich brand from high street

    28 Jun 2006

    Barclays is axing its Woolwich brand and cutting up to 1,200 jobs as part of a two year shake-up plan.

  • BBA statistics shows healthy mortgage activity

    27 Jun 2006

    The British Bankers Association has revealed that Mays gross mortgage lending of 18.2bn was the highest on record at 18%.

  • Beginning to appreciate loyalty

    26 Jun 2006

    An increasing number of firms in the financial sector are devoting more of their marketing budgets to retaining their existing customers than attracting new ones, says Jo Parker

  • Blackandwhite.co.uk on verge of single-tie deal

    26 Jun 2006

    Blackandwhite.co.uk is believed to be on the verge of signing a single- tie distribution agreement with Mortgages PLC.The mortgage broker, which has 28 lenders on its panel, has been in talks with just four of these about a possible single-tie deal.But MPLC is believed to have beaten off competition from GMAC-RFC, igroup and Money Partners.Although no equity is involved for blackandwhite.co.uk the deal will represent massive cost savings in terms of both compliance and marketing.Thomas ...

  • BoS rate changes

    26 Jun 2006

    Bank of Scotland Mortgages is introducing revised rates on its fixed, tracker and remortgage ranges.

  • Brokers back packagers

    26 Jun 2006

    Brokers and IFAs think packagers still play an im- portant role in the mort- gage industry, according to research from Platform.A poll of over 200 mortgage brokers and IFAs found that 62% would submit the same amount of business or more to packagers over the next 12 months.The research shows that packagers remain an appealing option due to their knowledge of lenders and their access to exclusive products.Respondents use packagers most for sub-prime business, with the second ...

  • Brokers divided over MPC base rate decision

    28 Jun 2006

    Research by Mortgage Express shows brokers are split over whether rates will change at the next MPC meeting, with 53% expecting a rate hold, versus 47% expecting them to rise.

  • Brokers forced to shop around for MPPI

    26 Jun 2006

    Huge price differentials in the mortgage payment protection Insurance market are forcing brokers to examine their third party relationships to ensure they are getting the best value for their clients, says Britishinsurance.com. Research reveals that specialist brokers selling policies for a 25-year old range in price from 7.25 per 100 of cover, down to 1.60 per 100 of cover. This means that an individual looking to protect a monthly mortgage payment of 700 would pay anything ...

  • Brokers told to get into sub-prime

    26 Jun 2006

    The evolution of the sub-prime market over the past decade means the sector has never been more accessible to brokers, says Guy Batchelor, sales and marketing director at Platform. Speaking at the Mortgage Summit in Jerez, he told delegates that brokers should embrace it and its earning potential.

  • BSA launches CSR report

    28 Jun 2006

    The Building Society Association has launched its second report into corporate social responsibility in the building society sector.

  • Cardif Pinnacle appoints media relations manager

    30 Jun 2006

    Pauline Duggan has joined Cardif Pinnacle as media relations manager, workingwith Steve Devine, corporate communications director, and the rest of theteam.

  • CHL applications rise by 34%

    26 Jun 2006

    CHL Mortgages reports a 34% rise in applications following its decision to lend on registered houses of multiple occupation and introduce an 85% LTV on new-build flats.

  • CMS joins PMPA

    26 Jun 2006

    Creative Mortgage Solutions has become The Professional Mortgage Packagers Alliance's latest member.

  • Commissions tracking tool

    26 Jun 2006

    Quay Software has introduced an automatic commissions module that allows IFAs to automate and track their commission.

  • Compensation scheme must be divided more fairly says AIFA

    26 Jun 2006

    Chris Cummings, director general of the Association of Independent Financial Advisers says the Financial Services Compensation Scheme is a "vital regulatory safety net" but the costs must be divided more fairly in order to "maintain the industry's confience in the scheme".

  • Compliance system for all brokers

    26 Jun 2006

    Smaller brokers will reap the benefits of Mortgage Brain buying The Key as the move gives them an advanced but affordable compliance management system, says Frank Eve

  • Conveyancing is ripe for automation

    26 Jun 2006

    The world of conveyancing is a mystery to most people who see it as not much more than legal paper shuffling which causes delay, costs money and creates frustration.

  • Credit card firms refuse applicants who are likely to clear debt

    29 Jun 2006

    Credit card borrowers with flawless borrowing histories are increasingly likely to be turned down when applying for new plastic, research from Moneynet.co.uk has revealed.Mounting evidence from users of the online data analyst points to card companies giving preference to more profitable applicants who are less likely to clear their monthly balances. Analysis of the credit card approval process reveals a pattern of approvals for those borrowers whose previous histories ...

  • Credit cards will pay penalty for World Cup spending spree

    26 Jun 2006

    Grant Thornton says the World Cup has led to an unprecedented rise in personal spending, with 1m being borrowed every four minutes.The accountancy firm also says there is evidence to show that many debtors live well beyond their means. It warns that financial catastrophe can be expected when a big event - in this case the World Cup - reveals consumers' borrowing to be out of control with no savings to cushion the blow.Grant Thornton says the average person has 3,000 more in ...

  • Cup kick-starts commercial deals

    26 Jun 2006

    As we approach the knockout rounds of the World Cup this country is bathed in sunshine, unusually for this time of year. It occurs to me that despite analysts and economists telling us their thoughts on world markets and what drives the UK economy it's a simple equation - the economy is dictated by the weather and big sporting events.

  • Curriculum Vitae - Ricky Okey

    26 Jun 2006

    "Some of the outfits I wore as a DJ were embarrassing to say the least"

  • db mortgages appoints two BDMs

    30 Jun 2006

    db mortgages has appointed two business development managers to cover the East Midlands and South Wales areas.

  • DCLG slams GMAC-RFC HIPs report as "absurd"

    28 Jun 2006

    The Department for Communities and Local Government has slated the findings of an independent study commissioned by GMAC-RFC into the economic impact of Home Information Packs as absurd.

  • Dear Delia

    26 Jun 2006

    Dear Delia My client owns her home and two buy-to-let properties. She incurred a County Court judgement on one of the buy-to-let properties of 750 but has satisfied it and has no other adverse credit. She is in a comfortable financial position and keen to buy another property to add to her portfolio. Given her history of adverse credit, what are her options?

  • Divorced revealed to suffer worst from health problems related to debt

    26 Jun 2006

    The latest research from Thomas Charles has found that divorced or separated people who are in debt worry most, put on weight easier, and are most medically depressed. The research shows:

  • Don't waste your time using Halifax for unusual cases

    26 Jun 2006

    From Gary Payne I was interested in the letter from Jason Simpson (Mortgage Strategy June 12) who has been having problems with Halifax. I have recently done a transaction with Halifax and the experience was as bad as having teeth pulled, but over a protracted period. A question arose about lending into retirement and to enable my client to meet the lending criteria, the term of the mortgage was increased, taking the client into retirement. All pension details were provided ...

  • eConveyancer reports good reaction from Pink

    30 Jun 2006

    eConveyancer says hundreds of Pink Home Loans members have logged on to the system during the few weeks since its launch via the mortgage distributor.

  • Fewer surprises in reviewable deals

    26 Jun 2006

    As an adviser, are you wary of recommending a reviewable critical illness cover product to your client because you are worried about rates being increased for any old reason the insurer decides?

  • First Direct launches three-year fixed rate offset mortgage

    30 Jun 2006

    First Direct has launched a three-year fixed rate offset mortgage at 5.39%.

  • FMO launches exclusive range of TMB products

    30 Jun 2006

    First Mortgage Options has launched three exclusive mortgage products with The Mortgage business.

  • FMO launches three TMB products

    30 Jun 2006

    First Mortgage Options has launched three exclusive mortgage products with The Mortgage Business.

  • FMO offers free valuations through GMAC-RFC and SPML

    26 Jun 2006

    First Mortgage Options is providing free valuations on all GMAC-RFC Partners range of products and the entire Southern Pacific Mortgage Limited product range up to August 31.

  • Four million Brits expect Gov to pay mortgage if they lose their job

    26 Jun 2006

    More than 3.85 million people believe the government will help them out with their mortgage if they lose their job, research from Lincoln Financial Group reveals.

  • FSA fines Rainbow Homeloans 35,000

    27 Jun 2006

    The Financial Services Authority has fined Rainbow Homeloans 35,000 for systems and controls failings which exposed around 1,000 people to the risk of being sold unsuitable products.

  • FSA increases fines by 23%

    27 Jun 2006

    The Financial Services Authority has increased the average size of its fines this year by 23%, as it tries to crack down on wrong-doing in the financial services sector.

  • FSA is too woolly when it comes to exit fees

    26 Jun 2006

    After lenders' exit fees getting a bashing in the media over the past couple of years, the Financial Services Authority has finally decided to give its input. But is it too little, too late?

  • FSA plans reform of its rules

    29 Jun 2006

    The Financial Services Authority has published its Better Regulation Action Plan Progress Report, taking forward plans for reform of its rules first announced in December 2005.

  • FSA publishes newsletter for mortgage advisers

    30 Jun 2006

    The Financial Services Authority has published the latest newsletter for mortgage advisers which is available on its website.

  • FSA reports progress on better regulation

    28 Jun 2006

    The Financial Services Authority has published its Better Regulation Action Plan progress report, taking forward plans for reform of its rules first announced in December 2005.

  • FSA says there's more to TCF than following rules

    26 Jun 2006

    The Financial Services Authority last week admitted that it was possible for a broker to comply with all its rules and still not be treating customers fairly.Speaking at the Mortgage Summit in Jerez last week Michael Lord, head of mortgage and credit unions at the Financial Services Authority, told delegates: "I accept it is possible for a broker to abide by the detailed rules we have and not be treating customers fairly."But he says brokers should focus on the Treating Customers ...

  • FSA study shows personal financial education in UK is chaotic

    30 Jun 2006

    The Insitute of Financial Services says a benchmark study by the Financial Services Authority shows personal financial education in the UK is chaotic.

  • FSA to investigate sub-prime market in the Autumn

    28 Jun 2006

    The Financial Services Authority is to follow up the work it did in the sub-prime market in 2005 with a second round of broker visits starting this September.

  • Ftbvsb2l

    26 Jun 2006

    Some pundits say buy-to-let investors are restricting first-time buyers' access to the housing market but this argument is too simplistic and several other factors should be taken into account, says Mira Butterworth

  • GMAC-RFC calls for more robust HIP trial

    27 Jun 2006

    GMAC-RFC has called for a more robust trial of Home Information Packs, after economic research it commissioned revealed the detrimental impact any drop in housing transactions could have on the wider UK economy.

  • GMAC-RFC makes seventh portfolio sale to Amber

    28 Jun 2006

    GMAC-RFC has made its seventh portfolio sale to Amber.

  • GMAC-RFC reveals seventh portfolio sale to Amber, worth 246m

    29 Jun 2006

    GMAC-RFC has announced its seventh portfolio sale to Amber.

  • GMAC-RFCs Partner range applications exceed 1bn

    30 Jun 2006

    Since the launch of its Partner range in March this year, GMAC-RFC has experienced strong levels of demand for its exclusive product range among packagers.

  • Go Business Mortgages launches in UK

    30 Jun 2006

    A new provider of commercial mortgages has been launched in the UK called Go Business Mortgages, specialising in the sub-prime market.

  • Goldsmith to speak at National Conveyancing Congress

    26 Jun 2006

    Eddie Goldsmith, senior partner at leading direct conveyancing firm, Goldsmith Williams, has been invited to speak at the National Conveyancing Congress, which will take place at the Brit Oval in London on November 14 and 15.

  • Growth plans

    26 Jun 2006

    Soon to take over as chief executive of West Bromwich, Stephen Karle plans to build on the society's history of organic growth, says Barney McCarthy

  • Guy Garrard quits em-financial

    30 Jun 2006

    Guy Garrard, director of business development at North West-based packager em-financial, has quit the company for personal reasons. As em-financial has grown, Garrard - who lives with his wife and children in Camberley, Surrey - has had to spend more time at em-financials Chester offices - the heart of the packager's operations. Garrard, who resigned from his post yesterday, says: Ive thoroughly enjoyed my time at em-financial and am devastated to leave the company at this ...

  • Halifax returns to Spicerhaart panel

    26 Jun 2006

    Estate agency Spicerhaart has reinstated Halifax on its mortgage panel and is ditching its single-tie agreement with Legal & General to become multi-tied.All five HBOS brands were removed from the panel more than a year ago following disagreements over the direction in which the companies were headed.Peter Gladdy, director of Mortgages Direct, the advice arm of Spicerhaart, says: "There were a number of reasons HBOS was taken off the panel. Our cultures were not heading in the ...

  • HIP regulations fail to reassure brokers

    26 Jun 2006

    Two-thirds of Mortgage Strategy Online readers still don't feel confident about Home Information Packs despite the government finally setting the rules and regulations in stone.The Conservatives last week set out an early day motion in parliament, humbly asking for an address to be made to the Queen, praying that the HIP initiative be scrapped.Clearly 62% of you hope the Opposition's prayer is answered while 38% are confident about dealing with HIPs.This week Mortgage ...

  • Hips could be the holy grail for mortgage lenders, says AHIPP

    28 Jun 2006

    Home Information Packs could prove the Holy Grail for mortgage lenders who should be looking at opportunities to combine Home Condition reports and Automated Valuation Models to deliver faster services for the consumer, says the Association of Home Information Pack Providers.

  • HIPs threaten independent advice

    26 Jun 2006

    HIPs could threaten the existence of independent mortgage brokers as estate agents use the system to push clients towards their own financial advisers, says Sue Read

  • HIPs to speed up housebuying process

    30 Jun 2006

    Carolynn Dyson, partner at Berwins law firm says that the introduction of Home Information Packs in 2007 could minimize delays and abortive transactions and thereby cut the cost of selling a house in spite of a possible up front charge of up to 600 plus VAT.

  • Holiday B2L deal exclusive to MI

    26 Jun 2006

    A specialist holiday buy-to-let product is the first exclusive to be offered to Mortgage Intelligence members by panel newcomer Scarborough.Designed for holiday lets only, the deal features an overpay facility of 20% per year without penalty, with under- payments and payment holidays both permitted.The rate is Bank of England base rate plus 0.49% for two years at 4.99%, reverting to base plus 1.49% for the remaining term.The deal is available up to 80% LTV with a minimum ...

  • House prices and multiples to rise

    26 Jun 2006

    House prices could rocket by 10% in 2007 and 2008 and lenders will start to offer 8 x income to first-time buyers.This prediction was made at the Mortgage Summit in Jerez by economist and PR guru John Wriglesworth. Closing the conference, Wriglesworth told delegates that 2007 will be a year of two halves, with the first half seeing people rushing to sell before the introduction of Home Information Packs and the second half seeing first-time buyers looking to buy properties.He ...

  • House prices grew by 0.3%, says Nationwide

    29 Jun 2006

    Nationwide says house prices grew by 0.3% in June, the third month in a row of subdued growth.

  • Housing shortage must be addressed

    26 Jun 2006

    What a fantastic first half of the year. The market remains buoyant and latest lending figures show an upward trend. And all this despite doom mongers saying it would never last.

  • IFS launches online qualification registration

    30 Jun 2006

    The Institute of Financial Services has launched a new service allowing people to register for its regulatory qualifications on the Internet, 24 hours a day.

  • Intermediaries must plan now for HIPs

    26 Jun 2006

    For a moment I'm going to pretend I'm Joe Bloggs, I go about my business everyday, I have a mortgage and a home and I'm not looking to move.

  • Intrinsic launches with 300 advisers

    26 Jun 2006

    Intrinsic Financial Services, the new multi-tie network headed up by the former global CEO of Zurich Financial Services, has officially launched.

  • Is it risky for brokers to advise on mortgages for overseas properties?

    26 Jun 2006

    Brokers must do their research and help clients mitigate the risks of buying abroad as much as possible, say our experts

  • Is Right to Buy still relevant or should it be rethought?

    26 Jun 2006

    Alan Oliver, 31, business development account manager - In principle, everyone should have the right to buy a house. But the problem with the Right to Buy scheme is that it has not helped people to be able to afford this in the longer run because of inflated house prices. I don't like the idea of people making profit through renting out or selling their council homes - it seems rather like the government giving money away. It's madness. I think the government should adopt a different ...

  • ITV may probe Costa scams

    26 Jun 2006

    ITV is rumoured to be making a documentary exposing financial scams on the Spanish Costas, as industry experts warn the next big scandal could be looming.Tonight with Trevor McDonald is believed to be planning a visit to the Costa del Sol next month to look at the financial scandals afflicting the Spanish Costas.This news comes after reports that a British man scammed thousands of euros each month by supplying fake mortgages.Ron Howell, director of British Overseas ...

  • Judging networks is getting easier

    26 Jun 2006

    Networks' distinguishing characteristics are becoming clear and this is making it easier for brokers to choose the principals that best suit their business needs, says Sally Laker

  • Kids must learn money management

    26 Jun 2006

    There has rightly been a focus on improving financial capability in the past few years and secretary of state for education Alan Johnson recently revealed the extent of the problem.

  • Lambeth and Portman merger confirmation hearing to be held in July

    28 Jun 2006

    The Financial Services Authority has announced the arrangements for the hearing of the proposed transfer of the engagements of Lambeth to Portman. The confirmation hearing will be held at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS on Monday July 24 2006 starting at 2.00pm.

  • Laugh as lenders defend rising exit fees

    26 Jun 2006

    A comedy script to rival The Office is what I expect next month when lenders attempt to justify their excessive mortgage exit fees to the Financial Services Authority.

  • Launch DB Countdown

    26 Jun 2006

    We are pleased with our rollout to the packager market, I get down to some hard work at the Mortgage Strategy Summit and Mike Tottle fails to bribe the underwriters again, says Bill Dudgeon

  • Leeds fix at 4.99%

    26 Jun 2006

    Leeds has launched a 10-year fixed rate mortgage at 4.99%.

  • Lenders are supportive of HIPS says CML

    29 Jun 2006

    New research commissioned by the Council of Mortgage Lenders reveals how lenders really feel about HIPs and most are supportive.

  • Lenders scam clients because they can't sell

    26 Jun 2006

    Pity the poor lending industry - whither its next profit line? Or perhaps it's sympathy that lenders need rather than pity - they're not exactly strapped for cash, are they?

  • Lenders should seize HIP opportunity

    26 Jun 2006

    A few forests-worth of articles have been written on the impending implementation of Home Information Packs and the debate shows no sign of abating. Is the initiative a good or bad thing? Will it work or won't it?

  • Lenders, exit fees and excuses

    26 Jun 2006

    It would be fun to see the reasons lenders give the FSA in response to its call for them to justify raising their exit fees, as there can't be many good ones, says Drew Wotherspoon

  • Lib Dems could introduce progressive Stamp Duty system

    30 Jun 2006

    The Liberal Democrats says it is exploring the possibility of implementing a progressive system for Stamp Duty should it be elected to power at the next general election.

  • LMC launches new product range

    26 Jun 2006

    London Mortgage Company has launched a brand new range of first charge specialist mortgage products.

  • LMS slams GMAC-RFC's report on HIPs

    30 Jun 2006

    LMS has joined the government in slamming the GMAC-RFC report into the claimed economic impact of Home Information Packs saying that its conclusions are unsubstantiated, unrealistic and totally irresponsible. The report claims that the introduction of HIPs could see unemployment rise by 93,000, Gross Domestic Product fall by 0.5% (5,700m), consumer spending fall by 0.7% (5,800m), and net revenue to the government fall by 0.9% (5,600m). Dominic Toller, director of marketing ...

  • LMS to launch remortgaging service

    29 Jun 2006

    LMS is launching a remortgaging service designed specifically for packagers.

  • LMS updates remortgage service

    26 Jun 2006

    LMS launched its remodelled packager-based remortgage service at Jerez last week.The revamped remortgage service is designed to be cheaper and faster, with data collation taking place at the front of the remortgage process with automation used wherever possible.Dominic Toller, director of marketing and new business at LMS, says: "Traditionally, remortgages are done in the same way as purchase mortgages - it's inefficient. What LMS has done is stripped the remortgage process ...

  • Local authorities empowered to take over empty homes

    26 Jun 2006

    The government is introducing powers to allow local authorities to commandeer properties that have been empty for six months and turn them into social housing.The Empty Dwelling Management Order will come into force next month and allow local authorities to combat the lack of social housing by stepping into the shoes of the owners of unoccupied properties if they are unlikely to be occupied in the near future.Owners will be paid surplus revenue left after the local authority ...

  • Low MPPI take-up is a concern for all

    26 Jun 2006

    There was a time when unemployment figures were pored over for trends. Then, for a long time the subject fell off our radars, but now unemployment is back on the agenda.The recent sharp rise may be a blip but what if this is the start of an upward trend?

  • Market watch

    26 Jun 2006

    It was a shame to see swaps leap back up with one of the biggest weekly increases I can remember.

  • Marketing Brief

    26 Jun 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Me and My Car

    26 Jun 2006

    The Chrysler Grand Cherokee pleases my two year old and is to my life what Ronaldo is to Brazil - weighty and built for comfort rather than speed, says Kevin Duffy

  • Millfield sold to The Money Portal for 10.6m

    26 Jun 2006

    Struggling IFA group Millfield has been sold to financial services group The Money Portal for 10.6m.

  • MMC Ventures arranges equity investment with Connect

    26 Jun 2006

    MMC Ventures, which invests in early stage growth companies, has arranged an equity investment of 1.45m in Connect Mortgages Group, a mortgage processing company based near Lewes, East Sussex.

  • More chance of passing exams

    26 Jun 2006

    The Institute of Financial Services says financial advisers currently sitting their professional exams have a greater chance of passing, thanks to a revised exam format.

  • More lenders sign up to em- round table event

    30 Jun 2006

    Four further key residential lenders have confirmed that they will be attending em's upcoming Cardiff roundtable event.

  • Mortgage advisers seek cure for password pain

    28 Jun 2006

    Up to 81% of brokers would like to see electronic passwords abolished, shows research by Origo, the standards body for e-commerce in the UK financial services industry.

  • Mortgage approvals up in May

    29 Jun 2006

    Figures released by the Bank of England show that the number of new mortgage approvals for home purchases in May were 117,000, up from 106,000 in April.

  • Mortgage debt hits 1 trillion mark

    30 Jun 2006

    Mortgage debt has surpassed the 1 trillion mark, reveal figures from the Bank of England.In May loans secured on properties increased by 9.3bn, meaning outstanding mortgage debt is now 1.007 trillion.Consumer credit also increased in May by 1.2bn, bringing the amount Britons owe on credit cards or loans to 192bn. In total, personal debt now stand at 1.199 trillion.

  • Mortgage debt of 1 trillion is no reason for concern

    30 Jun 2006

    Drew Wotherspoon of John Charcol says the news that mortgage lending has broken through the 1 trillion barrier is not worrying.

  • Mortgage Times launches exclusive B2L tracker from UCB

    26 Jun 2006

    The Mortgage Times Group has launched an exclusive prime buy-to-let flexible two year tracker on purchases and remortgages in conjunction with UCB Home Loans. The rate is Bank base rate + 0.59% for two years at 5.09%, up to 85% LTV. There is a free valuation on purchase only, a minimum loan size of 150,000 maximum loan size of 600,000, with a 595 Arrangement fee.

  • MortgageStream saves me from letting clients down

    26 Jun 2006

    From Lee Martin I follow with interest the ups and downs related by Sue Read in her regular articles. In a recent column (Mortgage Strategy June 12), she spoke about lenders who promise one thing and deliver another. I'd like to make a suggestion to Sue. I use MortgageStream to handle all my mortgage administration. This includes automatically recording all calls to all parties including lenders. She should get it now. I recently experienced a situation whereby a lender ...

  • MPC member's death causes market jitters

    26 Jun 2006

    David Walton, an external member of the Bank of England's Monetary Policy Committee, died last Thursday aged 43, following a short illness.Walton was the only committee member to vote in favour of an interest rate rise in the last two meetings. His death caused the financial markets to back-track, sending short sterling interest rate futures up and the pound down against both the euro and the dollar. Mervyn King, governor of the BoE, says: "At the moment all our thoughts are with ...

  • N&P defends decision to raise SVR

    26 Jun 2006

    Norwich and Peterborough has defended its decision to raise its mortgage rate by 0.19% to 6.49%.This is the first time the society has raised its SVR for 14 months but it has come in for criticism for doing so as there has been no base rate rise to prompt the increase.Alison Rolls, spokeswoman for N&P, points out that the new rate is still lower than at least 19 other lenders'.She says: "We had not changed our rate for 14 months and when we looked at it we found we couldn't ...

  • Nationwide increases rates on fixed rate mortgages

    26 Jun 2006

    Nationwide has increased the rates on its range of fixed rate mortgages.

  • Nationwide launches new guaranteed equity bond

    30 Jun 2006

    Nationwide has launched a five-year guaranteed equity bond, with a guarantee to return the original investmnet plus 10%.

  • Networks' IT must benefit ARs too

    26 Jun 2006

    Networks must invest in technology that helps their appointed representatives develop their businesses and exploit fresh market opportunities, says Richard Coulson

  • NU survey reveals what customers spend lifetime mortgage on

    28 Jun 2006

    Home improvements and holidays are the most popular choices when spending a lifetime mortgage, Norwich Union research has revealed.

  • OFT publishes 'unfair relationship' guidance

    29 Jun 2006

    The Office of Fair Trading has published for consultation guidance on how provisions of the Consumer Credit Act 2006 may be used to protect consumers

  • Online mortgage DIPS for GHL packagers

    29 Jun 2006

    Guaranteed and Genesis Home Loans is now offering its packagers the use of its online mortgage DIP facility.

  • Online tracking

    26 Jun 2006

    The business tracking service from The Exchange, owner of the Exweb adviser portal, is now live.

  • Only 20% save for rainy days

    26 Jun 2006

    Over half the population of the UK experiences unforeseen financial occurrences yet Lloyds TSB says only 20% of people are able to use savings to cover these events.

  • Origin products enhanced

    26 Jun 2006

    Money Partners has made a number of enhancements to its range of Origin-branded mortgages.

  • Parents can cash in on rising prices

    26 Jun 2006

    Research from Landlord Mortgages shows parents who choose to buy a property for their children to live in while they are studying at college could make profit of almost 20,000 over the three years of their child's degree.

  • Partners division proves success for GMAC-RFC

    30 Jun 2006

    Since the launch of it's Partners range in March this year, GMAC-RFC says it has experienced a strong increase in the take-up of its exclusive product range amongst packagers.

  • Payment holiday warning

    26 Jun 2006

    Paymentcare.co.uk is warning borrowers that taking a three- month repayment holiday on loans could leave them in limbo should their personal circumstances change before they resume their repayments.

  • Phase two of survey on FSA

    26 Jun 2006

    The Financial Services Practitioner Panel has launched the second stage of its FSA performance survey. The survey, carried out every two years, is aimed at gathering industry views on the regulator.

  • Pink launches flexible self-cert product

    28 Jun 2006

    Pink Home Loans has launched a shared exclusive two-year self-cert product funded by UCB Home Loans.

  • Pink launches new Platform products

    28 Jun 2006

    Pink Home Loans has launched a new range of semi-exclusive products funded by Platform as part of Pinks club proposition.

  • Pink's overseas proposition

    26 Jun 2006

    Pink Home Loans has teamed up with Savills Private Finance to offer an overseas proposition to customers. Brokers will be required to complete an enquiry form. This will be referred to SPF which will deal with all enquiries. SPF will source the right mortgage and take care of advice and recommendations in relation to a mortgage being secured on an overseas property.

  • Plum Software Integrates with Defaqtos Aequos Engage

    26 Jun 2006

    Front and back office systems from Plum Software, the independent specialist software house for financial advisers and mortgage brokers, can now integrate with Aequos Engage, Defaqtos new product selection tool.

  • Possessions are undervalued

    26 Jun 2006

    Millions of UK home owners could be undervaluing their possessions by tens of thousands of pounds, according to Norwich Union.

  • Prepare for HIPs or prepare to fail

    26 Jun 2006

    Brokers have been warned that if they fail to prepare for Home Information Packs they must be prepared to fail once they become mandatory. Alan Dring, sales director at eConveyancer, says now is the time for brokers to look at the choice of HIP providers and get their strategies in place.

  • Principality chairman retires

    28 Jun 2006

    Peter Davies, chairman of Principality, is to retire from the board on June 2006 and will be succeeded by the deputy chairman David Williams.

  • Principles based regulation to cost firms less

    28 Jun 2006

    A study into the cost of regulation has revealed that the Financial Service Authoritys shift towards a more principles based approach to regulation should have consequential cost advantages for firms.

  • Products exclusively for graduates launched by selected lenders

    26 Jun 2006

    Graduates could get better deals when taking out a mortgage with the launch of products exclusively for them, says moneyfacts.co.uk

  • Prudential to tour UK to advise IFAs

    26 Jun 2006

    Lifetime mortgage provider Prudential is to embark on a 13-stop tour of the UK.

  • Residential 1 goes live on Trigold

    28 Jun 2006

    Residential 1s range of self-cert, adverse credit, buy-to-let and Right to Buy mortgages are now live and verified on Trigolds Prospector AAA mortgage sourcing system.

  • Retirement plans remain unfulfilled

    26 Jun 2006

    Half of all Brits plan to travel the world when they finish working, but research from Mutual Assurance shows few fulfil their aspirations.

  • Richard Boxall to speak at golf day

    26 Jun 2006

    em- has revealed that professional golfer and sporting personality Richard Boxall will be the guest speaker at its annual golf day in association with GMAC-RFC.During the em-invitational charity golf day on June 27 at Buckinghamshire Golf Club teams of four from across the industry will take part in competitions and in a charity auction in the evening. All proceeds will go to four charities - Habitat for Humanity, Cancer Research UK, MND Association and Treloar's.With a career ...

  • Scarborough reveals 7% increase in mortgage balance

    26 Jun 2006

    Scarborough has released its 2005/06 annual results revealing a 7% jump in group mortgage balances to 1.73m.

  • Securitisation market not in difficulty, says MPLC

    26 Jun 2006

    Mortgages PLC has rubbished claims of difficulties in the securitisation market.But the wholly owned subsidiary of US investment Bank Merrill Lynch says two divisions of securitisation lenders are now emerging.Speaking at the Mortgage Summit in Jerez, Peter Beaumont, deputy chief executive officer at Mortgages PLC, told delegates some of the lenders entering the securitisation market have been naive and this has led to the creation of a first and second division in the securitisation ...

  • Sesame culls packager panel

    26 Jun 2006

    Sesame has culled its packager panel, slashing it from 53 to 17. The IFA network says the decision was made because the number of packagers had become "unmanageable".The IFA network sent out a questionnaire to all its packager partners. Based on the responses it received, it whittled down the number to 17.

  • SHIP to stop dealing with unqualified brokers

    26 Jun 2006

    Mortgage Strategy's Rel-ease it Right campaign got a boost last week when equity release trade body Safe Home Income Plans gave advisers an ultimatum to get qualified by August 1 2007.SHIP says that from this date its members will no longer accept business from advisers without a suitable lifetime mortgage qualification.In the run-up to Mortgage Day, the Financial Services Authority said advisers deemed competent or experienced in lifetime mortgages would not be required ...

  • Specialists can target more niche sectors

    26 Jun 2006

    As has often been said, the dividing line be-tween the specialist and prime markets is becoming blurred.

  • Spicerhaart appoints corporate development director

    27 Jun 2006

    Corporate finance lawyer Lucian Pollington has been appointed to the newly created position of corporate development director and general counsel at independent estate agency group, Spicerhaart, which also owns Mortgages Direct.

  • Stephen Kay wins Tudor golf championship draw

    29 Jun 2006

    Stephen Kay of Stephen Kay Independent whos company is based in Leyland, was first out of the hat in Tudor Mortgage and Finance's Open Golf Championship prize draw.

  • Sub-prime deals from Pink

    26 Jun 2006

    Pink Home Loans has launched a range of products aimed at clients with impaired credit histories.Funded by Platform, the products offer borrowers assistance with legal fees as well as free valuations.With purchase mortgages, clients will receive 200 cashback and free valuations while clients wanting to remortgage have the choice of free legals provided they use legal firm Conveyancing and Remortgage Solicitors, or 200 cashback if they use their own solicitors.Rates start ...

  • Sub-prime sector faces cleansing process

    26 Jun 2006

    Every five years or so the sub-prime industry in the US goes through a cleansing process that is usually preceded by a boom where new entrants (and 'A' paper players) join the fray because the profits look great.Then something unforeseen happens and the market gets creamed, with bankruptcies soaring followed by a wave of consolidation. This happened in 1998 when the Russian debt crisis hit the bond market like a tsunami and Wall Street suddenly became risk adverse and began calling ...

  • Take the plunge

    26 Jun 2006

    Brokers can either take the easy way out and ignore self-cert business or they can take the plunge and participate in this profitable sector, says Gurnam Bhuller

  • TCF website launched to help brokers

    26 Jun 2006

    A Treating Customers Fairly website has been launched to help brokers get to grips with the Financial Services Authority's switch to principles-based regulation.The website - a joint venture between Frank Eve, managing director of Frank Eve Consulting, and seven lenders - has the support of the Council of Mortgage Lenders and the Association of Mortgage Intermediaries.Launched last week, www.tcfinfo. co.uk offers tips in plain English, tools and templates that brokers can brand. ...

  • The Money Centre reveals record figures for May

    28 Jun 2006

    Buy-to-let and commercial mortgage specialists The Money Centre processed almost 181m worth of buy-to-let mortgages in May, a 61% increase on the same time last year.

  • The Mortgage Mole

    26 Jun 2006

    PAYNEFULWith Mole off to sunny Spain for the annual Mortgage Summit in Jerez, there were bound to be hiccups from the outset. And none more so than for Halifax's Edward Payne who was due to fly out with the Summit sponsors on the 7.15am flight from Stansted on Tuesday morning.They say the early bird catches the worm and Payne, being the eager soul that he is, had driven down from Bristol the night before to be prepared for the 5am start. That would have been worth it except ...

  • Threesixty hits a century with its new protection panel for IFAs

    28 Jun 2006

    Threesixty, the fee-based IFA support services provider, says it has already signed up 100 firms and 598 registered individual IFAs to the protection panel it launched on May 3.

  • Time for advisers to study their options

    26 Jun 2006

    The time has come for advisers in the equity release market to decide whether they are here to stay.

  • Trading in Millfield shares suspended

    26 Jun 2006

    Millfield Group last week asked the Alternative Investment Market to suspend trading in its shares while it "seeks to clarify the company's financial position". In a statement issued to the London Stock Exchange, Millfield warned that "it is highly likely that the company and at least three of its subsidiaries will be placed into administration in the near future".Kevin Paterson, managing director of Park Row Associates, says: "This is sad for the industry and damaging. We are a ...

  • We use SPASU to help our most vulnerable clients

    26 Jun 2006

    From Bill Armstrong Simon Burgess (Mortgage Strategy Letters June 19) has an imperfect overview of the accident, sickness and unemployment cover market. All he can do is rant on about the evils of single premium cover. There is a place in the market for SPASU and the fact he does not market it leads me to question how astute his firm is in catering for niche market requirements. To baldly state that advisers who sell SPASU "prey on the physically and mentally impaired and ...

  • Yorkshire gives 2m to charity

    26 Jun 2006

    Yorkshire Building Society Charitable Foundation has donated over 2m to more than 3,600 charities in the past seven years

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